Banker Gets Gaol...

[Rockhopper]

Not before time too!

"A message needs to be sent to the world of banking," said UK Judge Jeremy Cooke on Monday as he handed down a 14-year sentence to former Citibank and UBS trader Tom Hayes, convicted in a London court on eight counts of conspiring to manipulate a global benchmark interest rate known as LIBOR.

While many of the world's leading banks have paid heavy financial penalties for tampering with the key benchmark, 35-year-old Hayes is the first individual to face a jury trial for manipulating the London Interbank Offered Rate, which is used by the world's biggest banks for trillions of dollars of global borrowing and lending.

The Guardian reports:

Hayes, from Fleet, Hampshire, was accused of being the ringleader in a vast conspiracy to fix the London interbank offered rate (Libor), a benchmark for $450tn (£290tn) of financial contracts and loans worldwide, between 2006 and 2010.

Motivated by greed and a desire for higher pay, the court heard that Hayes set up a network of brokers and traders that spanned 10 of the world’s most powerful financial institutions, cajoling and at times bribing them to help rig rates – designed to reflect the cost of interbank borrowing – for profit. Hayes would then place large bets on financial markets that were sensitive to Libor moves.

Source


I wonder why the main stream media haven't picked up on this? Nah. Not really wondering -- I know why.

Tim.

[Kaere]

But... The Guardian, The BBC, and The Wall Street Journal are all quoted in the story as having reported on this sentencing. Are they not the mainstream media? *confused*

[Stirky]

This was on our news last night, but wasn't much coverage

[Lenzabi]

Because the main stream here would interrupt it with news of Miley and Justin acting lewd and drunk in public before reported this kind of thing!

[Kaere]

Okay, maybe it would be good to define which media is part of the mainstream and which are not.

[Lenzabi]

Okay, maybe it would be good to define which media is part of the mainstream and which are not.

Here in America, pretty much every TV news show, and newspaper and magazines

So Fox, CBS, ABC, NBC/MSNBC/TUrner, and the major newspapers and magazines owned by the owners of those TV news outlets.

[Kaere]

Okay... then I hate to difficult but mainstream media did report it. Says so right in the article. Unless The Wall Street Journal isn't mainstream? (not going to check into who owns what)

At any rate, seeing someone being held accountable for purposefully causing a kerfuffle with regards to economies and such... nice to see

[Lenzabi]

Okay... then I hate to difficult but mainstream media did report it. Says so right in the article. Unless The Wall Street Journal isn't mainstream? (not going to check into who owns what)

At any rate, seeing someone being held accountable for purposefully causing a kerfuffle with regards to economies and such... nice to see

While the WSJ is main stream, it is also called the Wall Street Journal for a reason, mainly those who are investors read it. TV did not carry the storry as far as I saw, I can look into it, but I bet it was a very muddled and short TV bite.

And I agree, nice to see some of them get what is a long time coming.

[Lenzabi]

Yep, Newspaper types carry it, but the TV news is not.

related  

“This means that deterrence has been eliminated and the fraud epidemics that drive our future financial crises will be led by the same elite bankers who will already have fraud schemes down pat,” Black said in an email. “Both results are in sharp contrast to the S&L debacle, with more than 1,000 felony convictions in cases…that were hyper-prioritized against the most elite and destructive defendants.”

US and UK are so divergent with each other on financial crimes like this

[Rockhopper]

Wall Street Journal is owned by Rupert the Shocker Ocker Murdoch. The very same one who owns Foxy Noos!

Tim.

[Lenzabi]

Wall Street Journal is owned by Rupert the Shocker Ocker Murdoch. The very same one who owns Foxy Noos!

Tim.

But WSJ is his higher calibre product, Fox is the train wreck for the masses

[Rockhopper]

Excellent superlatives Len. Accurate too.

Tim.

[Stirky]

It was reported by mainstream TV news here (BBC, ITV and possibly Sky) but wasn't the headline story

[Stirky]

Oh and the story was more centred on explaining what libor was!

[Lenzabi]

Truth

The Dystopia is not yet at the 1984-Orwellian levels, but close enough folks need to break it off.

[Sponsored content]